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The question is whether Obama will use his picks as an opportunity to emphasize the Fed’s new role as the top regulator of Wall Street banks, or follow the more traditional path of choosing nominees steeped mostly in the central bank’s role of overseeing the country’s monetary policy.

“There is pressure and will continue to be pressure to have a stronger, much stronger, regulatory and financial stability expertise on the Fed board,” said a Senate Democratic aide who follows financial oversight issues. “I don’t think you can just fill the board with pure macroeconomists and just let it loose.”

The issue of whether enough emphasis is being put on the Fed’s regulatory role has moved from being a wonkish worry to a potent political concern.

The possible nomination of Larry Summers to be Fed chairman was scuttled by liberal senators earlier this year over worries he would not be tough enough on Wall Street. Summers withdrew his name from consideration in September, and the president nominated Fed Vice Chairwoman Janet Yellen to replace Chairman Ben Bernanke.

While the choice of Yellen has been cheered by Wall Street critics, who Obama chooses to round out the board will also be under scrutiny, and not just by reform advocates.

Some bankers would also like to see more governors with experience in or overseeing the banking industry.

“Traditionally, you look for monetary economists to populate your Fed board, and often those folks have very little if any expertise with banking regulation,” said Wayne Abernathy, an executive vice president at the American Bankers Association and a former Treasury official. “Here’s an opportunity to bring in several new people and to make sure you’re accommodating a variety of different skills on the board.”

The 2010 Dodd-Frank financial reform law expanded the Fed’s authority to supervise financial institutions whose failure could pose a threat to the financial system. And the agency has taken the lead in developing a slew of critical reforms that are meant to tackle the problems that led to the 2008 financial crisis.

In a speech after her nomination on Oct. 9, Yellen highlighted what some have called the Fed’s “third mandate” — safeguarding the financial system.

“If confirmed by the Senate, I pledge to do my utmost to keep the trust and meet the great responsibilities that Congress has entrusted to the Federal Reserve — to promote maximum employment, stable prices and a strong and stable financial system,” Yellen said.

Although Yellen served as a regulator during her time as president of the San Francisco Federal Reserve Bank, her background and experience are rooted in macroeconomics and, in particular, the causes and implications of unemployment.

Beyond the Yellen pick, Obama will very likely soon have the chance to fill as many as four open spots on the board.

Sarah Bloom Raskin, the former Maryland banking commissioner, has been nominated to take over as the No. 2 at the Treasury Department and could be confirmed late this year or in early 2014. Elizabeth Duke left the Fed in August, and her spot will most likely be filled by someone with community and regional bank experience — the focus of Duke’s pre-Fed career. The term of Jerome Powell, who joined the board in 2012, is set to expire at the end of January, although he could stay on for months after that or be renominated, as many expect.

In addition, the White House will also need to find someone to fill Bernanke’s spot as a board member when he departs in January.